Closeout

Closeout is the term used to represent the actions taken at the end of a project, which is reached at the end date reflected in the award document. If no additional time or funding is needed to complete the project tasks and objectives, the award must be closed in a manner described below, a process made easier by good award management over the life of an award. The Principal Investigator (PI), the Local Research Administrator (LRA), Central Pre-Award Office, and Central Post-Award Office partner for timely closeout process.

Preparation for award closeout begins three months prior to the end date of the award. This is done to allow for the accurate forecasting of pending allowable expenses not yet allocated to the award, and to allow for any adjustment to financial entries that need to be made. Ninety days before the end of a given award, Post-Award will send the PI and the LRA a 90-Day Notice with information regarding the award closeout. If upon receipt of this notice the PI determines that the project is not complete and a no-cost extension is needed, a No-Cost Extension request should be submitted to Pre-Award as soon as possible.

Small over-expenditures

Small over-expenditures that are less than or equal to the de minimis threshold amount approved by each school or center will be automatically transferred by the Post-Award Specialist off the award account to the DeptID designated by the school or center. Cost transfer paperwork is not required for these minimal closeout transfers. Notifications will be sent to the PI, LRA, and the individuals designated by the school or center.

Over-expenditures above the de minimis threshold

It is the department’s responsibility to transfer deficits out of sponsored awards promptly within 90 days after the award end date.

If cost overruns remain unresolved beyond 90 days after the termination date, Post-Award will notify the school/center’s Lead Research Administrator. Continued issues with resolution of cost overruns will be brought to the attention of the school/center Executive Administrative Dean (EAD) or equivalent, and the representative of the Budget Center at 90 days after the termination date. If the overruns continue to be unresolved 5 months after the termination date, the entire overexpenditure balance will be transferred to the Principal Investigator’s discretionary DeptID or to the department’s DeptID at the discretion of the department chair.

Uncollectible amounts

Occasionally receivables on sponsored award accounts are difficult to collect. Post-Award will notify the Lead Research Administrator and the EAD or equivalent of any sponsor receivable that is over 60 days due and plan a more aggressive collection approach. Every effort will be made to collect outstanding reimbursements before the deficit is transferred to the department’s DeptID.

Most federal sponsors and many private sponsors require the submission of final reports within 90 days after the award end date (some agencies may require early or later submission). When Tufts is a subrecipient, final reports are due to the prime institution in advance of the 90-day mark. Please refer to the award terms and conditions to determine the due dates.

Final Financial Statement (FFR)/Final Financial Status Report (FSR)/Final Invoice: The final financial report or invoice is prepared and submitted to the sponsor by Post-Award within 90 days of the end of the award, or as required by the award terms and conditions

Final Technical Report: The PI prepares and, in most cases, also submits the final technical report and any other progress reports required by the sponsor. Please contact your Pre-Award Signing Official to obtain institutional signature on the technical report if necessary or request assistance with submission